In addition to preparing financial statements as part of the normal bookkeeping procedure, you may also need a compilation, review, or audit of your company’s financial statements.
Forbush and Associates serves as your outside consultant by preparing financial statements for external reporting in accordance with:
- United States General Accepted Accounting Principles
- International Financial Reporting Standards
- Canadian General Accepted Accounting Principles
During a review or audit, the independent accounting firm requires your management team prepare certain schedules or documents to help the accounting firm understand how you arrived at the numbers used within the “Financial statements and footnotes.”
Forbush and Associates employs former auditors with both Big 4 and regional accounting firm experience. This level of knowledge and expertise helps “you” prepare schedules with less work. And we provide a solid base to let auditors focus on the audit rather than on “creation of work papers.” This results in an efficient audit and lowers your audit fees.
Especially with small entities, there are many complexities related to non-cash transactions, non-recurring transactions, and hundreds of other situations. Our expert staff understands the complex transactions that occur within your business and how to reflect those transactions properly in compliance with appropriate standards.
We work closely with your management team to prepare the statements, review them with your team, attain your team’s approval, and submit the approved statements to your independent accounting firm.
Footnotes are the key to understanding and deciphering the financial statements of a company. Providing complete, accurate, and compliant footnotes is required when submitting financial statement packages to an independent accounting firm or even to your own management team. We prepare and/or review the footnotes accompanying the financial statements your team prepared.
Management Discussion and Analysis (MD&A)
The MD&A provides an opportunity for management to discuss and review the results of your company for the period covered by the financial statements and about future prospects for your company. This is where we help you discuss and analyze certain key ratios and factors you considered during the decision-making process. Essentially, the MD&A lets you tell your story to the world.